Last checked at 25 Mar 2011 09:52
Condor Resources Plc
7th Floor 39 St. James's Street London SW1A 1JD Telephone +44 020 74081067 Fax: +44 020 74938633 |
25th March 2011
Condor Resources Plc
(''Condor'' or ''the Company'')
Drill core re-sampling results for the India Vein on La India Project in Nicaragua
Condor (AIM: CNR) is pleased to announce the assay results for eight drill holes for 1,509 m of diamond core drilling that were drilled by a previous explorer but for which the original assay results were not available. The drill holes were all drilled into the India Vein in 2004 to infill previous drilling below the mined area to approximately 100 m spacing, and also to test for extensions of the gold mineralised structure along strike to the north and south. Prior to mine closure in 1956 La India Vein was one of the two principal structures exploited with historic mine workings along a maximum strike length of 1600 m on up to eight levels to a depth of up to 200 m below surface. The La India Vein also accounts for the largest single continuous component of the mineral resource announced by Condor on the 4th January 2011 estimated by independent SRK Consulting with a JORC compliant Inferred Mineral Resource of 1.93 Mt at 5.4 g/t for 334,000 oz gold out of the total of 4.58 Mt at 5.9 g/t for 868,000 oz gold estimated at La India Project.
Condor assayed 178 samples, the assays returned significant intercepts from four of the eight drillholes.
Prospect | Drillhole ID | From | To | Width | Au (ppm) | Comments |
India | LIT-12 | 79.70 | 80.20 | 0.50 | 8.29 | 200m strike extension to south |
India | LIT-13 | 165.70 | 166.57 | 0.87 | 5.79 | 200m strike extension to south (below LIT-12) |
India | LIT-14 | 126.70 | 127.34 | 0.64 | 3.67 | |
155.10 | 157.50 | 2.40 | 2.41 | 100m infill in southern part of the vein within a mineralised zone | ||
192.25 | 211.50 | 9.75 | 2.05 | |||
India | LIT-16 | 105.85 | 107.35 | 1.50 | 1.17 | 100m strike extension to north |
The results confirm that there are multiple gold mineralised veins with three separate veins intercepted over an 85 m wide drill interval in drill hole LIT-14, representing a true width of 20 to 30 m at a depth of over 100 m below the surface expression of the mineralisation.
The assay results have also demonstrated continuity of mineralisation in both strike directions with particularly encouraging high-grade intersects from two drill holes, LIT-12 and LIT-13, which intersect a southern extension of the La India structure approximately 200 m south of the existing resource area.
Condor has started rock chip and exploratory trench sampling in order to locate the southern extension of the India vein at surface with a view to drill testing the vein further along strike.This drilling will be included in the current 5000 m programme.
Chairman's Comment
Mark Child, Chairman of Condor Resources plc commented: "We are fortunate to have located the core for 1,504 m of drilling that has not been included in the current JORC Resource compiled by SRK Consulting and have had this assayed for inclusion in the forthcoming update JORC Resource statement and 3D model. It is noteworthy that the best drill intercept crosses three veins covering a true width of 20 to 30 m, two out of the three veins are new discoveries. As a consequence, we have started a trench programme aimed at defining the southern extent of the India vein, which Condor has identified for an extra 400 m strike length. These new assay results save Condor 1,504m of drilling and add strike length and improve confidence in the mineralisation at depth on the India Vein."
Competent Person's Declaration
The information in this announcement that relates to Exploration Results and database is based on information compiled by and reviewed by Dr Luc English, the Country Exploration Manager, who is a Chartered Geologist and Fellow of the Geological Society of London, and a geologist with fifteen years of experience in the exploration and definition of precious and base metal Mineral Resources. Luc English is a full-time employee of Condor Resources plc and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration, and to the type of activity which he is undertaking to qualify as a Competent Person as defined in the June 2009 Edition of the AIM Note for Mining and Oil & Gas Companies. Luc English consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears and confirms that this information is accurate and not false or misleading.
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For further information please visit www.condorresourcesplc.com or contact:
Condor Resources plc | Mark Child, Chairman +44 (0) 20 7408 1067
| Luc English, Country Manager Nicaragua & El Salvador +505 8854 0753
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Ambrian Partners Limited | Samantha Harrison and Ben Wright +44 (0) 20 7634 4700
| |
Farm Street Media | Simon Robinson +44 (0) 7593 340107
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About Condor Resources Plc:
Condor Resources plc is an AIM listed exploration company focused on developing gold and silver resource projects in Central America. The Company was admitted to AIM on 31st May 2006 with the stated strategy to prove up JORC Resources in Nicaragua and El Salvador. Condor has four 100% owned licenses and 80% of La India concession in La India Mining District; three 100% owned licences in three other project areas and 20% in the Cerro Quiroz concession in Nicaragua. In El Salvador, Condor has 100% ownership of four licences in two project areas.
Condor's concession holdings currently contain a JORC compliant inferred resource base of 909,000 ounces of gold in Nicaragua and747,000 ounces of gold and 22 million ounces of silver in El Salvador. The Resource calculations are compiled by independent geologists Ravensgate, Geosure and SRK.
Disclaimer
Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.